Teréga overwhelmed with orders for slim €400m bond

Gas canisters 230x150
By Mike Turner
20 Feb 2020

Teréga, the French gas transport utility, enjoyed chunky demand for a €400m bond issue on Thursday, despite its sub-benchmark size.

Teréga, rated Baa3 with a stable outlook, started marketing its €400m eight year note at initial price thoughts of 125bp to 130bp over mid-swaps.

BNP Paribas, Crédit Agricole, Natixis, Société Générale and UniCredit were bookrunners.

Orders piled in, topping €3.5bn and enabling guidance to be set more than 30bp tighter at 95bp, ...

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